Dallas, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) — The global travel insurance market is projected to increase as a result of the rising number of foreign tourists who desire financial security while traveling. The demand for recovery of costs incurred as a result of lost possessions postponed travel plans, and medical issues are expected to increase. Travel insurance offers a number of compensatory features that reduce the risks while traveling because the costs of such occurrences are high when traveling overseas.
At a CAGR of 26.2%, the size of the global travel insurance market was estimated at USD 17.60 billion in 2021 and is predicted to increase to USD 120.3 billion by 2030.
Due to factors including convenient online trip bookings, widespread media coverage of various vacation types, rising disposable income, and improved package holidays, the need for travel insurance is expected to soar as the tourism sector expands. Travel providers are anticipated to experience development in the global travel insurance market as a result of the growing acceptance of numerous technical advancements, including AI-based apps, the use of Big Data, and Blockchain.
The global travel insurance market growth is anticipated to be accelerated in the upcoming years by additional factors such as damage from improperly handled luggage, loss or theft, and airline cancellations owing to various causes, including virus outbreaks. But in the near future, it’s anticipated that a lack of public knowledge would constrain the global travel insurance market’s expansion for travel insurance. On the other hand, the development of specialized insurance coverage and rising travel spending globally is anticipated to open up a wide range of potential for the travel insurance industry in the near future.
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Global travel insurance market Scope:
|Market Size in 2030||USD 120.3 billion|
|Segment Covered||Insurance Coverage, Distribution Channel, End User, Region|
|by Insurance Coverage Covered||Single-Trip Travel Insurance, Annual Multi-Trip Travel Insurance|
|Distribution Channel Covered||Insurance Intermediaries, Insurance Companies, Banks, Insurance Brokers, and Insurance Aggregators|
|End User Covered||Senior Citizens, Education Travelers, Business Travelers, Family Travelers, and Others|
|Regions Covered||North America, Europe, Asia Pacific, Middle East, and Africa and South America|
|Key Players Profiled||Beacon Pharmaceuticals, Janssen Pharmaceuticals, Johnson and Johnson, Pharmacyclics, Incepta Pharmaceuticals, and Bluepharma|
The coverage provided by travel insurance policies includes trip cancellation, medical emergencies, travel delays, and luggage coverage. Stringent restrictions and regulations imposed on travelers about the VISA policy by various countries and regulatory authorities are to blame for the market expansion, particularly post-pandemic. Additionally, the global travel insurance market expansion is being constrained by the lack of awareness surrounding the premium costs and travel insurance coverages. The total sum assured, current medical issues, age of the assured, and frequency of travel are just a few examples of the variables that may have an impact on the price a traveler pays for domestic and international travel insurance.
The single-trip insurance coverage segment accounted for the largest revenue in 2021 and is projected to expand at the highest CAGR over the course of the forecast period. Travel insurance is becoming more and more popular, and businesses are always creating new features and perks, like travel insurance for sporting events.
During the projected period, it is anticipated that the annual multi-trip insurance coverage category would grow at a CAGR of 16.3%.
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Travel insurance has been gaining popularity, and North America is predicted to continue dominating the market during the projection period. This can be attributed to elements like the expansion of the tourism sector, improved business standards, and the presence of international organizations in the United States.
For instance, the Insurance Regulatory and Development Authority of India declared in April 2022 that it will modify rules and capital specifications, as well as offer fresh ideas to increase the penetration of insurance and give insurers greater leeway.
Important points from the Table of Contents:
2. Research Methodology
3. Market Outlook
4. Travel Insurance Market by Insurance Coverage, 2019-2029 (USD Billion)
5. Travel Insurance Market by Distribution Channel, 2019-2029 (USD Billion)
6. Travel Insurance End User, 2019-2029 (USD Billion)
7. Travel Insurance by Region 2019-2029 (USD Billion)
7.1. North America
7.2.4. Rest of Europe
7.3. Asia Pacific
7.3.4. Rest of Asia Pacific
7.4. South America
7.4.3. Rest of South America
7.5. Middle East & Africa
8. Competitive Landscape
9. Company Profiles
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